Dear Feds: Thanks for Nothing

Lashinsky, Adam
May 2010
Fortune;5/3/2010, Vol. 161 Issue 6, p30
This article discusses how Wells Fargo was opposed to the U.S. government's efforts to step in and save the U.S. banking system during the crisis of 2008 and 2009. Wells Fargo received $25 billion in TARP funds, but it has repaid them with interest and now has robust earnings and a higher stock value. Chief executive officer John Stumpf still asserts that Wells Fargo helped in the economic recovery and that he only recently will give some credit to the government's efforts.


Related Articles

  • Stumpf: Wells Will Repay Tarp Soon.  // American Banker;9/2/2009, Vol. 174 Issue 166, p16 

    The article reports that Wells Fargo & Co. plans to repay funds from the U.S. government's bank bailout program without raising equity. During an interview, Wells Fargo president and chief executive officer (CEO) John Stumpf indicated plans to pay back $25 billion received through the Troubled...

  • Dear Feds: Thanks for Nothing. Lashinsky, Adam // Fortune International (Europe);5/3/2010, Vol. 161 Issue 6, p11 

    The article discusses Wells Fargo & Co. chief executive John Stumpf's skeptical attitude towards the U.S. government's actions to address a severe financial crisis in 2008 and 2009. Although Wells Fargo benefited from several government initiatives, Stumpf says strong performance by the banking...

  • Fifth Third in Ninth Inning Of the Cycle? Landy, Heather // American Banker;6/15/2010, Vol. 175 Issue 91, p1 

    The author reports that Fifth Third Bancorp is viewed as being further ahead in the credit cycle than its peers due to its actions in June 2008. At that time, Fifth Third prepared for financial crisis by announcing a dividend cut, preferred stock sale and major assets sale. Although Fifth Third...

  • Treasury Could Be Near End on Tarp Stakes. Davidson, Kate // American Banker;4/13/2012, Vol. 177 Issue F314, p1 

    The article speculates the U.S. Treasury Department is ending its Troubled Asset Relief Program (Tarp). The agency's decision to sell the preferred stock of six banks including Banner, First Financial Holdings, and Wilshire Bancorp that had been held as collateral for bailouts which were not...

  • Since Lehman, the Financial Sector Has Changed -- for the Better. Sims, Patrick // Americanbanker.com;9/12/2013, p1 

    The article focuses on the changes in the approach of the banks in the U.S. after financial crisis in 2008 as of September 2013. It mentions that the banks have raised nearly 450 billion U.S. dollars in capital to protect against potential losses in future. It further discusses the importance of...

  • TROUBLED ASSET RELIEF PROGRAM: The U.S. Government Role as Shareholder in AIG, Citigroup, Chrysler, and General Motors and Preliminary Views on its Investment Management Activities. Brown, Orice Williams; Clowers, A. Nicole // GAO Reports;12/16/2009, preceding p1 

    The article explores the government's approach to past financial crisis and challenges unique to the current crisis in the U.S. It examines the principles of the Department of the Treasury in the implementation of its authorities and mechanisms for investment management. Furthermore, it offers...

  • Wells Offers Shares, Stumpf Reassures.  // American Banker;12/16/2009, Vol. 174 Issue 223, p2 

    The article reports that Wells Fargo & Co. priced a stock offering at $25 a share. The offering expects to raise $10.65 billion which the firm received from the U.S. Troubled Asset Relief Program (TARP). Chief Executive Officer (CEO) John Stumpf said the company could raise another $1.56 billion...

  • Wells Raises Pay for Stumpf, 3 Others.  // American Banker;8/7/2009, Vol. 174 Issue 151, p16 

    The author reports that four executives at Wells Fargo & Co. have been given stock as a way in which to increase their salaries. The author states that John Stumpf, the company's chief executive officer (CEO), Steve Sanger, the chairman of the human resources committee, and Dave Hoyt, the head...

  • Wells Fargo to Repay Tarp. Hopkins, Cheyenne // Mergers & Acquisitions Report;12/21/2009, Vol. 22 Issue 51, p7 

    This article reports on the decision of Wells Fargo to repay the 25 billion U.S. dollars it received from the Troubled Asset Relief Program (TARP) of the U.S. government. John Stumpf, president and chief executive officer (CEO) of Wells Fargo, attributed the decision of the bank to confidence in...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics